Cross Timbers Royalty Trust Declares April Cash Distribution

DALLAS, April 19, 2016 /PRNewswire/ -- Southwest Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE: CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.054363 per unit, payable on May 13, 2016, to unitholders of record on April 29, 2016. The following table shows underlying oil and gas sales and average prices attributable to the current month and prior month distributions.

Underlying Sales

Volumes

Average Price

Oil

(Bbls)

Gas

(Mcf)

Oil

(Bbls)

Gas

(Mcf)

Current Month Distribution

19,000

131,000

$29.21

$2.78

Prior Month Distribution

20,000

244,000

$30.55

$4.40

Excess Costs

XTO Energy has advised the trustee that lower oil prices caused costs to exceed revenues on properties underlying the Oklahoma Working Interest net profits interests. However, these excess costs did not reduce net proceeds from the remaining conveyances.

XTO Energy has advised the trustee that lower oil prices caused costs to exceed revenues on properties underlying the Texas Working Interest net profits interests. However, these excess costs did not reduce net proceeds from the remaining conveyances.

Reserves

The current month distribution includes a deduction of $100,000 related to the expense reserve. The monthly deduction will remain at that level until the reserve reaches $1,000,000, which is estimated to be mid-2016. This will allow the trust to pay its obligations should any extraordinary events or expenses occur, especially with commodity prices at the current level. The trustee will continue to evaluate and revise the reserve as necessary.